SEC lays out path to coveted spot-bitcoin ETF, but…

Could the latest approval for a bitcoin futures product hold the key to what it would take for the SEC to approve a long-coveted spot-bitcoin ETF?

Last month, the U.S. Securities and Exchange Commission gave the green light to fund firm Teucrium to issue a bitcoin futures exchange-traded product.

Sal Gilbertie, CEO of Teucrium, pointed out a footnote in the regulator’s approval letter to CNBC’s ETF Edge.   

In reference to the potential for fraud and manipulation it reads: “If, however, an exchange proposing to list and trade a spot bitcoin [product] identifies… the regulated market with which it has a comprehensive surveillance-sharing agreement, the exchange could overcome the Commission’s concern…”

Gilbertie explains, “They’ve clearly spelled out that if the crypto exchanges… institute those comprehensive surveillance agreements with the ETF listing exchanges, they will get a crypto spot ETF.”

But there-in lies the fundamental problem. Gilbertie concludes, “I don’t think it’s gonna happen because I don’t see why those big crypto exchanges would want to centralize when the whole industry is made up around a decentralized concept.”

Crypto firm Grayscale, one of the biggest…

Read more at www.cnbc.com

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